A well-placed source told ProPrint that an unsecured creditor appointed chartered accountants PPB as receivers yesterday.

Administrators Jirsch Sutherland and PPB both confirmed to ProPrint that control of Pettaras was now in the hands of the receivers.

“The business is still trading, and it will be trading until the receivers decide on the best approach on how to sell it,” PPB said.

The source said it is too early to say whether a sale of the company will definitely be the course of action taken by receivers. Liquidation of Pettaras’ assets in order to realise any debts remains an option.

PPB will now advertise Pettaras Press for sale, as well as bringing a valuer on site to assess the value of the company and its assets.

The source claimed that once the business was sold and the unsecured creditor’s debt was settled, any remaining funds would be distributed to employees and any other unsecured creditors.

PPB estimated it could be months before a sale of the company was made, but said a clearer picture should emerge in a couple of weeks.

Padstow-based Pettaras Press entered voluntary administration last Friday. The company employs around 80 staff and operates a mix of sheetfed and digital equipment, including a new 10-colour Komori Lithrone and an HP Indigo 5000.

The award-winning business, which took three golds at last year’s NSW Excellence Awards, recently moved to a new purpose-built, 11,500sqm facility.

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